News & Updates

August’s current financial news: Safer credit cards, expensive kids, and a wildly successful fundraiser

There’s a little something for everyone in this month’s current financial news pages. Learn about the latest credit card technology, get some tips on combining finances with a new spouse, and see exactly what that ubiquitous ice-bucket challenge has done for ALS fundraising.

August financial newsChips Coming Sooner Rather Than Later to Credit and Debit Cards: To further efforts to combat data theft, more banks are readying themselves to begin using a different technology, which has enjoyed far-reaching adoption in Europe and elsewhere. A computer chip embedded in the card works along with the magnetic strip to keep your identification (and money) safe. SAC FCU has plans to implement this technology in the near future.

Average Cost of Raising a Child Hits $245,000: If you’re a parent, you already know those cute little bundles of joy don’t come free. The latest numbers show that the average parent will spend close to a quarter of a million dollars raising their child from birth to 18 years. Read on for a breakdown of the numbers, plus some saving tips.

Retirement Savings Lag: A new study found that a third of Americans do not have a single dime stashed away for retirement. Even scarier is that 26% of 50- to 64-year-olds have nothing saved for their golden years. On the flip side, though, comes news that those who are saving for retirement are starting earlier.

Money Tips For Newlyweds: So many things about marriage are difficult to navigate, and money is certainly not an exception to this. Now, as people marry after having lived on their own for longer, finances can create strife. These tips can help ease the transition to financial bliss.

Ice-Bucket Challenge: It’s a seemingly gimmicky thing all over Facebook, but it’s reaping real rewards for Lou Gehrig’s Disease research ($15.6 million from July 29 to August 18) with a whole new kind of fundraising.

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Author SAC FCU Managing Editor

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